MADURAI: The DMK’s Parlimentary Party in Rajya Sabha Deputy Leader and Member Thiru R.S.Bharathi, M.P. has sent a letter to Mrs. Nirmala Sitaraman, Union Finance Minister and to Mr. Prakash Javadekar, Union Minister for Information and Broadcasting, today (25.6.2021) regarding Amalgamation of Lakshmi Vilas Bank with DBS Bank Singapore and the developments there on – Non implementation of Wage revision – Violation in Amalgamation Scheme.
Letter Copy is attached:
To
1) Thirumathi. Nirmala Sitharaman,
Honble Minister for Finance,
Govt. of India,
New Delhi.
2) Thiru. Prakash Javadekar,
Honble Minister for Information and Broadcasting,
Govt. of India,
New Delhi.
Hon’ble Ministers, Vanakkam.
Reg : Amalgamation of Lakshmi Vilas Bank with DBS Bank Singapore and the developments there on – Non implementation of Wage revision – Violation in Amalgamation Scheme.
In the last week of November 2020, the Finance Ministry and RBI took a decision to Merge Lakshmi Vilas Bank with DBS Bank of Singapore. Since then nothing much has happened to the stake holders of the Bank. The cabinet decision on amalgamation also informed in the press conference by Hon’ble Minister Mr.Prakash Jawdekar and he announced that
- Entire employee’s service conditions will be protected in the amalgamation
- The offenders will be punished.
It has been six months, since the amalgamation yet the customers use only the Check books with LVB logo, and the new Management yet to take any meaningful steps to revive the activities in the Bank. Due to its indecisiveness a considerable amount of staff left the bank fearing their future.
Further, I came to know, The DBS management has not implemented the 11th bipartite wage revision to the applicable employees of LVB recruited under IBA pay scale in India.
The approach of DBS Management appears that, they are not interested to take care of Indian employees’ service conditions and effect the wage revision as approved by the finance ministry of Indian government for the Bank employees. Hence the employees’ service conditions are not protected by the foreign based bank as announced in the amalgamation scheme.
Though all the banks implemented wage revision, the cash rich foreign bank not implementing the legitimate revised wages/ pension as applicable to employees of the banking industry.
The wage revision including pension for a section of Officers and Employees is due from November 2017. Nearly 1,500 Officers and staff are affected directly by Covid, seriously impacting them financially morally and fiscally. I request that a word from you to DBS Bank management may put an end to the woes of nearly 5000 employees and their family members.
The inaction on the part of the DBS Bank on various issues explicitly explains the dilemma over their future course of the actions. Perhaps it may create a bad precedent in banking amalgamation.
In this juncture, I request that a suitable advice from you to the RBI and DBS Bank management can put an end to their vacillating mind and may revive the activities in DBS Bank.
With warm regards,
Yours sincerely,
Sd. XX XX XX
(R.S.BHARATHI, M.P.,)
